Metaverse of Web3: A Manifestation of Reality in the Virtuality

Metaverse is a projection of reality but in a virtual environment. A virtual universe that allows users to formulate, publish and monetize digital content. You may call it a manifestation of the truth mimicked in an isolated environment that you access digitally or virtually.

💡 Did you know the term Metaverse is a portmanteau of “Meta” (meaning: Beyond) and the “Universe.”

Web3 has got its Metaverse created by different innovators. It has its economics, social networking, and governance supervised by the people who use the Metaverse. Think of an upgraded blend of Sims City, Second Life, and Minecraft. In this segment, we explore some of the web3 metaverses that deliver an immersive experience of the virtual realm.

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1. Decentraland

Decentraland is a blockchain-based virtual world. It’s built on top of the Ethereum blockchain network and uses its own cryptocurrency, the ERC20 MANA token. The virtual world is both owned by users as well as controlled by them. Here, users can buy and live in parcels of land within their own Blockchain-based borders. Each Land is an NFT, and hence its ownership can be tracked easily.

So what can you do after owning a piece of land? Well owning one allows you to monetize it by building something in this three-dimensional world or just sell it. You can get one from Decentraland Marketplace.

Among other things, as the Decentraland is a completely decentralized virtual universe, the laws and governance are established by votes. For example, if you want avatars to wear a certain type of clothing, users have to submit a proposal that goes to a vote, and if accepted, everyone has a chance to wear a unique piece of fashion. The governance is established by the Decentraland DAO.

Furthermore, in Decentraland, you can attend virtual events just like ones in the real world. So hop over to Decentraland events to know what’s buzzing around this virtual world.

2. Cryptovoxels

Cryptovoxels is a blockchain-based virtual reality world (platform) built on top of Ethereum, allowing users to create, experience, and monetize virtual reality worlds and 3D content. Using the power of its virtual exploration and NFTs, Cryptovoxels provides the missing Metaverse that will be home to limitless user-generated content.

Similar to Decentraland, in Cryptovoxels users can own a piece of land which again is an NFT and thus holds its status of being unique. Here at first, there was a cryptocurrency named COLR token which allowed users to change colors of certain virtual builds but it is now discontinued and no longer a requirement. Building something is easy, all you need to do is drag and drop blocks like Minecraft to turn your vision into a virtual creation. You can always buy a certain piece of land from NFT marketplaces.

Here you get to create avatars and make them wear virtual items, which again are NFTs. Unlike Decentraland, users here have the ability to create their own NFT wearables without any barrier of governance. There are also events that you can participate in, and the fun part here is the implementation of VR that brings an immersive experience while exploring this virtual realm.

3. Somnium Space

Somnium Space has the edge over other virtual reality worlds with its impressive graphics that feels closest to the Ready Player One. Built on Ethereum, you can buy and sell land NFTs on OpenSea. It allows users to further develop their imaginative space with seamless and easy-to-use drag and drop builder.

Here you can even create and customize your own Avatar. While doing so, you have an option to make it using your selfie. They have implemented a crypto token CUBE as its virtual currency. With this, users can buy or rent a piece of land. Currently, there is no implementation of NFT wearables.

The entire world of Somnium Space is contained within the room you’re sitting in now. The walls, floor, ceilings, and everything else in your expanse are all virtual. It’s a space entirely imagined in virtual technology that can be spun to be any size or shape. All you have to do is move your head and navigate.

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Summing Up:

When you think of virtual worlds, games like Oasis and Ready Player One probably come to mind. You can imagine a world where people can live, work, and play. Where instead of fighting a dragon, you might be able to build one with your own hands or get your hands on scarce 3D digital real estate — which can be used to build anything from interactive environments to virtual sculptures. Everything is possible (virtually)!